Estimated remaining economic life of the property should be a minimum of 25 years

In addition, for 3 & 4 units, the property must meet the following criteria:

Municipal zoning

Fully self-contained units

Estimated remaining economic life of the property should be a minimum of 25 years.

Must be located in a major centre with a viable investor market

Maximum Property Value:

Property value must be less than $1,000,000. Exceptions may be considered for LTV ≤ 80%.

Borrower Qualification:

Income & Employment

Standard income/employment verification requirements apply

Credit

> 80% LTV Minimum credit bureau score of 600 is recommended

60.01 – 80% LTV Minimum credit bureau score of 580 is required

≤ 60% LTV Minimum credit bureau score of 580 is recommended

Down Payment

Qualified home buyers may use traditional down payment sources including personal savings, RRSP withdrawal, non-repayable gift from immediate family member(s), sweat equity, existing home equity, proceeds from sale of property

Government grants may be considered.

Additional Criteria

For 3 & 4 Units, the additional guidelines apply:

Borrowers must have clean credit, stable employment/income, down payment from own resources, positive net worth and liquid assets to cover 3 months payments

If the down payment is a gift, we require an acceptable guarantor. A guarantor is also needed if there are significant variations from the qualification guidelines.

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